Project Management Fundamentals
30 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What forms a ‘cost account’ in project management?

  • Task durations
  • Resources allocation
  • A Gantt chart
  • One or more work packages (correct)

    • A Gantt chart is used to show the relationship between project costs and work packages.

    False

    What do you need to create a Gantt chart?

    Project tasks, precedence relationships, expected duration of tasks

    The _______ relationship between tasks is necessary for creating a Gantt chart.

    <p>precedence</p> Signup and view all the answers

    Match the following components with their respective definitions:

    <p>Cost account = Grouping of work packages for budgeting Gantt chart = Visual representation of project schedule Precedence relationship = Order of tasks based on dependencies Expected duration = Estimated time needed to complete a task</p> Signup and view all the answers

    Which component is NOT typically included in a cost account?

    <p>Gantt Chart</p> Signup and view all the answers

    Work packages can only be associated with a single cost account.

    <p>False</p> Signup and view all the answers

    What is the primary use of a Gantt chart in project management?

    <p>To chart tasks or activities versus time</p> Signup and view all the answers

    In a Gantt chart, the length of the bar represents the _______ of each task.

    <p>duration</p> Signup and view all the answers

    Which aspect is critical for determining the sequence of tasks in a Gantt chart?

    <p>Precedence relationships</p> Signup and view all the answers

    What defines a project?

    <p>A collection of tasks with a unique outcome</p> Signup and view all the answers

    A project has an infinite life span.

    <p>False</p> Signup and view all the answers

    What are the key components of a project proposal?

    <p>Scope, Objectives, Costs, Benefits, Constraints</p> Signup and view all the answers

    The _____ describes what is to be provided in the project.

    <p>Statement of Work</p> Signup and view all the answers

    Match the project planning tools with their descriptions:

    <p>Milestone Schedule = Outlines key project stages or phases Work Breakdown Structure (WBS) = Displays a level-by-level subdivision of work Statement of Work = Details what is to be provided in a project Cost Account = Intersection of project components and functional organization</p> Signup and view all the answers

    During the preproposal phase, which question is NOT typically considered?

    <p>What is the project's final cost?</p> Signup and view all the answers

    The Work Breakdown Structure (WBS) is a representation of tasks organized by product outcome.

    <p>True</p> Signup and view all the answers

    What is a milestone schedule used for in project planning?

    <p>To outline key project stages and assist in planning detailed tasks.</p> Signup and view all the answers

    End-items are the _____ to be delivered at the end of a project.

    <p>items</p> Signup and view all the answers

    What helps in tracking the work controlled within a project?

    <p>Cost Account</p> Signup and view all the answers

    What is the main goal of using the Critical Path Method (CPM)?

    <p>Identifying the longest path through a project</p> Signup and view all the answers

    In a CPM analysis, it is permissible to have loops.

    <p>False</p> Signup and view all the answers

    Name the three time estimates required by PERT for an activity.

    <p>Optimistic time, Most likely time, Pessimistic time</p> Signup and view all the answers

    The Critical Path Method requires that there be a single ______ and a single ______.

    <p>start, end</p> Signup and view all the answers

    Match the following components of CPM with their descriptions:

    <p>Activity = A task involved in the project Event = A milestone or point in time Critical Path = The series of activities determining the project duration Slack/Float = The time an activity can be delayed without delaying the project</p> Signup and view all the answers

    Which of the following represents the standard deviation formula in PERT?

    <p>$\sigma = \frac{b - a}{6}$</p> Signup and view all the answers

    Expected time for an entire project in PERT only considers the activities on the critical path.

    <p>True</p> Signup and view all the answers

    What is the formula to calculate the expected time (te) in PERT?

    <p>te = (a + 4m + b) / 6</p> Signup and view all the answers

    The ______ of an activity in PERT denotes the minimum time needed for activity completion.

    <p>optimistic time</p> Signup and view all the answers

    Which activity was the predecessor of activity D in the example provided?

    <p>B</p> Signup and view all the answers

    Study Notes

    Project Planning and Acquisition

    • Project Definition: A project is a collection of tasks aimed at specific objectives, with a defined end point and finite lifespan. It's a unique activity resulting in a new product or outcome.

    Project Proposal Process

    • Proposal Content: A proposal includes a detailed description of the project's goals, required time, and resources needed.
    • Preproposal Considerations: Key factors in deciding whether to bid on a project include: project opportunity, bidding capability, availability of necessary resources (human and material), and project alignment with overall needs.

    Project Planning Tools

    • Statement of Work (SOW): Defines the project's deliverables, tasks, and required reports, providing a detailed outline of the work to be performed.
    • Milestone Schedule: Outlines key project stages or phases, including the tasks, people, and resources involved in each milestone to structure the project plan. This aids in developing a detailed project plan.
    • Work Breakdown Structure (WBS): A hierarchical breakdown of project work, showing a level-by-level subdivision of tasks necessary to complete a contract.
    • Gantt Charts: Useful for scheduling tasks and activities, illustrating precedence relationships and expected task durations.

    Network Scheduling Systems (CPM)

    • Critical Path Method (CPM): A network scheduling system designed to determine the critical path (longest sequence of tasks affecting project duration).

    Program Evaluation Review Technique (PERT)

    • Variable Duration: PERT treats activity duration as a variable, considering optimism, likelihood, and pessimism when estimating activity time.
    • Time Estimation: Using different time estimates (optimistic, most likely, pessimistic), calculated expected time and standard deviation for activities.

    Other Project Management Tools

    • Precedence Diagramming Method (PDM): Similar to CPM but accounting for potential time delays like "finish-to-start (FS)," "start to start (SS)," and "finish to finish (FF.)" PDM allows specification of a delay between activities.
    • Graphical Evaluation and Review Technique (GERT): Provides a graphical representation of a project with uncertain or probabilistic activity outcomes, including multiple possible paths for an activity.
    • Resource Allocation: Allocate resources based on project tasks needing resources and their availability, possibly utilizing slack time. This can involve resource allocation decisions.

    Types of Contracts

    • Fixed Price Contracts: Define a set price for the project, motivating the contractor to minimize waste.
    • Cost Type Contracts: Payment is based on the actual costs incurred during the project, ensuring the owner covers the project costs. There are variations to both contracts.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Project Planning and Acquisition PDF

    Description

    Explore key concepts in project planning and acquisition with this quiz. You'll learn about project definitions, proposal content, and essential planning tools like the Statement of Work and Milestone Schedule. Test your understanding and enhance your project management skills.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser